On February 26, 2020, Diversified Restaurant Holdings, Inc. ("DRH" or the “Company"), a public company (NASDAQ: SAUC), completed its previously announced merger with Patton Wings, an investment entity affiliated with ICV Partners, LLC (together with its affiliates, “ICV”).
Under the terms of the merger agreement, Patton Wings acquired all of the outstanding shares of DRH in a take-private transaction for $1.05 per share in cash, representing an approximate 123% premium to DRH’s closing share price on the day prior to announcement, and creating the largest franchisee in the Buffalo Wild Wings System.
Duff & Phelps served as the exclusive sell-side M&A advisor to DRH and rendered a fairness opinion to the board in connection with the transaction.
About Diversified Restaurant Holdings, Inc
Headquartered in Troy, MI, Diversified Restaurant Holdings, Inc. is a leading franchisee for Buffalo Wild Wings operating 64 franchised sports bars in key markets in Florida, Illinois, Indiana, Michigan and Missouri. Over the last five years, the Company nearly tripled its number of sports bars through a combination of organic growth and acquisitions, positioning DRH as the second largest franchisee in the Buffalo Wild Wings system. Dykema Gossett PLLC served as legal counsel to the Company.
Founded in 1998, ICV is a leading private investment firm that supports management leaders of strong lower middle market companies. Over its first four funds, the principals of ICV have crafted a strong track record of helping companies expand their footprint and improve performance over the long term and across a variety of industries.
In November 2019, through its Patton Wings investment affiliate, ICV acquired a majority stake in JK&T Wings, Inc., a leading franchisee of Buffalo Wild Wings, operating 42 sports bars primarily in Michigan, with additional locations in Massachusetts and Louisiana.
Comprehensive support throughout mergers and acquisitions and other corporate transactions.
Middle-market M&A advisory differentiated by industry expertise and superior deal execution.
Consumer, Leisure and Retail M&A
Consumer, Leisure and Retail expertise for middle-market M&A transactions.
Fairness and Solvency Opinions
Independent opinions for boards of directors and special committees.
Transaction Advisory Services
Seamless analytical advisory through the deal continuum, from transaction origination to closing.
Financial Sponsors Group
Dedicated coverage and access to M&A deal-flow for financial sponsors.
Private Capital Markets – Debt Advisory
Senior, subordinated and mezzanine debt and venture/private equity for a wide range of transactions.
Valuation and consulting for financial reporting, federal, state and local tax, investment and risk management purposes.
Property tax, site selection, transfer pricing, sales and use tax and unclaimed property advisory.
Leading provider of charging solutions for electric vehicles
has been acquired in a §363 sale
has been acquired by
a portfolio company of
has been acquired by
has entered into an agreement to sell its Life Sciences division to
Duff & Phelps Advised Cristian Lay on its acquisition of Grupo Gallardo to KKR on the standstill agreement between all lenders, assist with cash management, financial due diligence and operational due diligence.
European Mid-Market Debt Update – Late Autumn 2020
Case Study – Duff & Phelps’ Valuation Team Helps Litigators in Landmark Legal Challenge
Chicago Companies vs. DJIA during COVID-19
Special Purpose Acquisition Companies (SPAC) Market Report – Fall 2020
Duff & Phelps’ Professional Golfers’ Future Career Value Study Featured on Golf.com
Duff & Phelps Strengthens Transaction Advisory Services Practice with Appointment of New Managing Director
David Larsen Shares Insights with Bloomberg Tax on Process Modernization for Equity Funds
Andrew Probert Discusses Fresh Start Accounting for CFOs